SACRAMENTO -- Gov. Gavin Newsom on Saturday signed California's budget to close an estimated $46.8 billion deficit through $16 billion in spending cuts and temporarily raising taxes on some businesses.
Saturday's signing came just two years after Newsom and Democratic lawmakers were boasting about surpluses that totaled more than $100 billion, the product of hundreds of billions of dollars of federal COVID-19 aid and a progressive tax code that produced a windfall of revenue from the state's wealthiest residents.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: